Summary of Other People’s Money
Masters of the Universe or Servants of the People?
Professor John Kay says the rich and powerful financial industry is more harmful than useful to the real economy.
Professor and Financial Times columnist John Kay deftly explains the development and ramifications of the current global financial system. He discusses how to restructure it to make it safer, sounder and more useful to the real economy. Kay maintains that financial firms – with the complicity of regulators – contribute little to everyday industry and commerce. His interdisciplinary and comprehensive approach, offered in plain English, makes frequent use of anecdotes to elucidate hard truths. You’ll find that Kay offers an iconoclastic perspective on the financialization of the global economy. While always politically neutral, getAbstract finds that his analysis presents a useful counterpoint for industry professionals and for anyone who works, pays bills or otherwise relies on the financial system.
In this summary, you will learn
- How the current global financial system fails to serve the real economy
- What systemic dysfunctions exist in finance’s operations, regulation, culture, legal system and politics
- How to fix the system
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